Essex Property Trust Q3 Net Income Falls to $98.1 Million as FFO Per Share Slips

Essex Property Trust (ESS) reported Tuesday that third-quarter net income available to common stockholders fell to $98.069 million from $164.621 million a year earlier, while funds from operations declined to $264.693 million from $268.673 million. FFO per share dropped to $3.98 from $4.03, though core FFO rose to $266.201 million from $264.506 million, lifting core FFO per share to $4.00 from $3.97. For the first nine months, net income fell to $266.717 million from $589.093 million, while core FFO per share climbed to $12.15 from $11.96. The residential REIT revised 2026 guidance to net income of $5.62 to $5.74 per share and core FFO of $16.10 to $16.22 per share, with fourth-quarter core FFO projected at $3.95 to $4.07. It expects full-year same-property revenue growth of 2.8% to 3.0% and net operating income growth of 2.8% to 3.2%. ESS traded after hours at $274.85, up $0.77, or 0.28%, on the New York Stock Exchange.